Atlas Lithium (NASDAQ:ATLX) Announces Quarterly Earnings Results

Atlas Lithium (NASDAQ:ATLX) issued its quarterly earnings results on Friday. The company reported ($0.27) earnings per share for the quarter, FiscalAI reports.

Atlas Lithium Price Performance

NASDAQ:ATLX traded down $0.04 during trading hours on Friday, reaching $1.64. The company had a trading volume of 202,867 shares, compared to its average volume of 347,790. Atlas Lithium has a 1-year low of $1.51 and a 1-year high of $6.72. The firm has a market cap of $48.36 million, a PE ratio of -1.05 and a beta of 0.27. The business’s 50 day moving average price is $2.46 and its 200-day moving average price is $3.80.

Institutional Investors Weigh In On Atlas Lithium

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FNY Investment Advisers LLC purchased a new position in shares of Atlas Lithium during the 2nd quarter valued at approximately $562,000. Independent Wealth Network Inc. raised its position in shares of Atlas Lithium by 89.6% in the third quarter. Independent Wealth Network Inc. now owns 32,367 shares of the company’s stock worth $82,000 after acquiring an additional 15,300 shares during the period. Finally, R Squared Ltd acquired a new position in shares of Atlas Lithium in the third quarter worth about $36,000. Institutional investors and hedge funds own 18.35% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Atlas Lithium in a research note on Friday, October 30th. HC Wainwright cut their price objective on shares of Atlas Lithium from $12.50 to $11.50 and set a “buy” rating on the stock in a research note on Thursday, September 10th. Finally, Wall Street Zen cut shares of Atlas Lithium from a “sell” rating to a “strong sell” rating in a report on Sunday, September 20th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $11.50.

Atlas Lithium Company Profile

Atlas Lithium Corporation is a mineral exploration and development company focused primarily on advancing lithium projects in Brazil. The company’s activities center on the exploration, development and potential production of lithium-bearing spodumene, a hard-rock mineral used to produce lithium chemicals for batteries and other applications.

Atlas Lithium’s portfolio is concentrated in Brazil’s Minas Gerais state, including the Jequitinhonha Valley, an area commonly known as Brazil’s Lithium Valley.